The Coronavirus pandemic has severely affected the art market. The U.S. art market has had the most significant sales decline since 2009, but it still maintains a leading position, accounting for 42% of global sales, and China and the U.K. have 20% market shares.
Basel, Switzerland (Business Northeast) – By 2020, the global art industry will be affected by the pandemic. Sales will fall 22% to $50.1 billion. According to the “The Art Market 2021” report, The art market sales of the three major art hubs- the U.S., the U.K., and Greater China declined by 10%-24%, with the U.S. experiencing the most significant decline. The U.S. still maintained its leading position, accounting for 42% of total global sales, and the U.K. and Greater China each accounted for 20%.
There are many reasons for the decline in art market sales, and 61% of art fairs are forced to cancel is one of the essential reasons. In the past, live art fairs were an essential event for art sales, attracting many collectors to visit and purchase. The sales share of the Art Fair in 2020 is only 22% of the seller’s total sales, with an additional 9% made through art fair online viewing rooms (OVRs).
The decrease in on-site art sales has caused art dealers to focus their business models on increasing online sales. The art auction market has also joined online auctions. Interestingly, most of the artworks are sold through online auctions, but the works of more than one million U.S. dollars are still mainly sold through offline auctions.
Economist Dr. Clare McAndrew said, “It was a year of unprecedented challenges but equally novel adaptations. The art market showed not just incredible resilience but also a remarkable drive to progress under really challenging circumstances.”
“Art Basel and UBS Global Art Market Report” provides the latest art market development report every year, analyzes the changes in the gallery business, auction market, global wealth, and art collections, and provides rich reference data for dealers and art lovers.
